Chile's state copper company plans to invest more than US$20 billion in projects through 2028 and more than $33 billion through 2033, according to an investment report by state copper commission Cochilco.Much of the investment is in continuing structural projects across its portfolio so that it can continue to produce for decades to come. These include the Rajo Inca project at its Salvador division, a new mine level at El Teniente, and various smaller projects.
Together, these represent 790,000tpa of copper production capacity.The company also plans to invest $2.3 billion in two phases in the Paloma lithium project in the Atacama region.Cochilco said Codelco continues to be the biggest investor in Chile's copper sector, with its portfolio of projects representing about one-third of the $83.2 billion of investment projects noted by the agency. However, this does not include the $7-10 billion expansion BHP is contemplating at its Escondida mine.